How Long Does It Take To Get a Personal Loan?

So, how long does it take to get a personal loan? While this mainly depends on the type of lender you work with and their lending policies and procedures, there are some common timelines to take into consideration.

Traditional lenders typically take one to five days to pay out the funds, after you’ve been approved for a loan. The approval process itself can take a few days, while some banks and lenders are faster at processing than others.

Most larger US bank personal loans take longer to approve a loan as there are more stringent eligibility requirements. Credit unions, on the other hand, typically have less strict requirements and may also offer better interest rates as they usually serve a particular group of people.

Online lenders offer much faster processing and loan payout timelines. Most online lenders will pay out loan proceeds by the next business day.

In fact, some of the fastest payday loan providers  can pay out in just a few hours.

When it comes to loans, you may not have control over how quickly the lender pays out. However, you can speed up the loan process and make sure your credit score is accessible and your application is accurate.

Also, consider getting pre-approved to expedite loan approval.

Compare personal loans with our online loan comparison and get funds as soon as the same business day.